Lithia Motors Q2 Highlights: Earnings Beat, 22% New Unit Growth, Dividend & More
Portfolio Pulse from Shivani Kumaresan
Lithia Motors Inc (NYSE:LAD) reported Q2 FY23 sales growth of 12% YoY to $8.11 billion, beating the analyst consensus of $7.92 billion. New vehicle retail revenues increased 23.5% YoY, while used vehicle retail revenues fell 1.7%. The company's Board of Directors approved a dividend of $0.50 per share. LAD shares closed lower by 0.96% at $292.37 on Tuesday.
July 26, 2023 | 10:28 am
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Lithia Motors reported strong Q2 FY23 results, with sales growth and new vehicle retail revenues exceeding expectations. However, used vehicle retail revenues fell and the stock price closed lower.
The strong Q2 FY23 results, particularly the sales growth and increase in new vehicle retail revenues, are positive indicators for Lithia Motors. However, the decrease in used vehicle retail revenues and the drop in stock price may be of concern to investors.
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